These past few days, I've been debating my positions again.

It feels like whenever macro interest rates rise, risk appetite shrinks accordingly, and the crypto market's first response is actually that I myself am slow to react...
To put it simply: when risk-free returns outside are high, I’m even less willing to use volatility to exchange for that "possible upside."
Recently, everyone has been comparing RWA, on-chain yield products, and U.S. Treasury yields together.
I also look at them, but after reviewing, I feel more anxious: is that on-chain interest rate truly an "interest rate" or just "risk compensation"?
Sometimes the line is quite blurry.
Anyway, my current approach is to prefer earning less rather than risking more: break down available positions into smaller pieces, and if I want to add, do it in several steps.
When it comes to security, I’m willing to spend an extra step: first do small test transfers to a new address + set up a dedicated cold wallet for long-term storage.
It’s troublesome, but compared to waking up one day to find my authorizations weren’t turned off, it’s better for my peace of mind.